Depending on the nature of services and product, the government gives duty credit scrips or certificates to exporters. These scrips can be transferred or used for payment of a number of duties including the basic customs duty.
"Alcohol based hand sanitizers exported in containers with dispenser pump…are prohibited for export,” directorate general of foreign trade (DGFT) said in a notification. The government on May 6 had prohibited the export of all alcohol-based hand sanitizers.
India called for effective use of flexibilities inherent in the Trade-Related Aspects of Intellectual Property Rights (TRIPs) to ensure access to essential medicines, treatments and vaccines to all at affordable prices, especially in the context of the Covid-19.
With support from India under its ‘Development Partnership’ programmes, a number of old railway links are being revived, such as the Chittagong-Dibrugarh line, while new ones such as Mongla Port-Khulna, Agartala-Akhaura are also being developed.
Indian traders have decided not to do trade with China through Lipulekh pass this year as a precaution against COVID-19. They conveyed their unwillingness to participate in the annual exercise during a preparatory meeting. Officials said there has been no word so far from the Centre as well on border trade as the lockdown against coronavirus continues.
The two countries have been negotiating a trade package to iron out issues and boost two-way commerce.
“While April was a washout with a 60% decline, the fall in exports in May will be 30-35%,” Goyal said at the Digital Summit on Exports organised by CII via video conferencing.
“The HACCP code for export of shrimp has been changed in November. It has not yet been updated by the concerned government department that decides about incentives,” he added.
India has initiated a probe into alleged dumping of polyester yarn, used in the garment industry, from China, Indonesia, Nepal and Vietnam, a move aimed at guarding domestic players from cheap inbound shipments. The probe was launched following a complaint by eight domestic manufacturers, including Suryalakshmi Cotton Mills and Suryalata Spinning Mills.
The Solvent Extractors Association of India (SEA) also urged the government to ban the import of refined palm oils or palmolien in order to encourage domestic production. These are some of the short-term measures the trade body has submitted to the government for making India self-sufficient in edible oils.
The government on Friday restored the procedure for issuance of physical copy of certificates of origin as exporters had expressed difficulties in obtaining preferential access in Thailand and Vietnam based on digitally signed electronic certificates.
The Directorate of Revenue Intelligence (DRI) official said there is information to suggest that smugglers may under-value or mis-declare these thermometers to illegally import them to India.
While the moratorium and working capital relaxations are welcome, exporters would need direct fiscal support for staying alive in business.
The central bank said Export-Import Bank of India (EXIM Bank) depends on foreign currency borrowings for its operations and as a result of the COVID-19 pandemic, it is unable to raise the resources, due to which the facility is being extended.
While the US and China are duking it out diplomatic brinkmanship, there is concern that India could suffer collateral damage, particularly in the matter of trade and movement of people, although on American official said on Wednesday that Indian students are still welcome in the US.
The average export was 4 lakh tonne a month in the previous year and now only 30% of that is happening said an APEDA official.
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